Golden Visa Schemes do not Increase Risk of Tax Evasion, Independent Report Finds

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A report by a UK law firm has released its concluding statements following research into EU golden visa schemes. The reports main points of interest state that the actions do not risk the facilitation of tax evasion due to the following:

“Citizenship alone is insufficient to secure tax residency of a country, and individuals are only liable to tax in countries where they are tax resident, subject to existing double taxation treaties.”

Furthermore, the international regulations for the automatic exchange of account information have made it clear that is it not an accepted form of practice to use citizenship or the right to reside as a test.